Car ownership is quite a straightforward transaction. You pay the on-road price, including the cost of the car, the registration costs, road tax, and insurance - which is a substantial amount, and you get your car. And after that, as you use your car, you continue paying money for fuel, service visits and maintenance, and other extra charges that pop up like a jack-in-the-box. Oh, and you can’t forget all the EMIs you’ll be repaying against that massive car loan you got.
Okay, we take it back. Maybe car ownership isn’t all that straightforward. As car ownership has gotten more expensive, this traditional ownership model has become extremely frustrating for car buyers. The large down payments, added insurance, and subsequent maintenance costs have got people close to pulling their hair out! But where there is frustration, there is a potential revolution. Lo and behold – Car Subscription ✨
An upcoming industry, car subscription helps easily tackle the problems of car ownership by removing the “commitment” problems and solving them with flexible tenures and packages, convenience, comfort, and cost-saving. Here are the three significant benefits that car subscription offers and why we so firmly believe that it’s the forever-future of how people will get their dream cars.
Those who follow the traditional car-buying route often find themselves grappling with loads of paperwork. This may include insurance renewal documents, registrations, maintenance, and so on. But with a car on subscription, you outsource this less-than-glamorous side of car ownership to the subscription company. Simple!
The subscription company is responsible for registering the car, handling policy issuance and renewal, servicing your car, and other dreary matters, such as insurance claim submissions. These costs are all included in your monthly fee, which can be automated to reduce any further hassles. However, you might be contacted in certain situations, like car theft, third-party damages, and other insurance claim-related cases.
A car subscription company buys, sells, and services a large number of cars. The scale of their operations allows them to access better deals from carmakers and service garages. Due to this large-scale operation, the savings are passed on to the subscriber. When the subscriber calculates these costs, including the financing costs associated with buying the car, they’ll find that car subscription is competitively priced and a smarter option. 🤓 Here’s a quick comparison table to help you visualize this for a Maruti Suzuki Swift VXI MT (Petrol) registered in Delhi.
| Quiklyz
(Recommend keeping this in the first column and preferrably coloured with the logo) | | |
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No Long-term commitmentoncar | | | |
No Uncertainties on running costs | | | |
No concerns on insurance, service & repairs, breakdowns for customer | | | |
No Resale Hassle and uncertainties*** | | | |
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Car registered in name of customer | | | |
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No Additional state taxes | | | |
No Annual Fitness and Permit Hassles | | | |
*Indicative comparison for car with On-road cost of ₹ 7.66 Lac and tenure of 4 years.
**Includes registration charges, Insurance & Maintenance cost.
***Customer retains car at end of tenure in loan. In Quiklyz customer has option to return, buy or upgrade.
3. Providing Flexibility:
With a car subscription, you sign on to use the car for a specific tenure, anywhere from 24 to 60 months, rather than having to indefinitely commit to a car, which you may fall out of love within a few years (or that may simply flop commercially), making your ‘dream’ car somewhat of an embarrassment to drive around. 😣
Once your subscription tenure has expired, you are free to return the car, extend your subscription, upgrade to a better model, or if you’ve fallen head over heels in love, then make it official and buy it. 💍You even have the flexibility to terminate your subscription early with a minimal foreclosure fee. Car on subscription offers excellent flexibility to those who prefer to keep up with the times and upgrade their cars frequently or those who move cities to pursue their careers. Also, subscribing to a car eliminates the hassle of selling it. And if you’ve been eyeing your gadget wish list, go ahead and buy it – you need not save up for a down payment when you have a car on subscription. 😉
The finishing touches that complete the package
AtQuiklyz, we’ve travelled the extra mile to ensure that car subscription creates a satisfying experience for every single person who decides to take the plunge to subscribe to their dream car.
People might ignore car subscriptions because they don’t think you really ‘own’ the car. But when you subscribe to a car onQuiklyz, the car is registered in your name AND with a white number plate. You are the car owner during the subscription and are free to use it for all your uncharted road adventures.
Also, on the spectrum of car subscriptions, we atQuiklyzfall bang in the middle. Not only are we a digital-first platform that offers a wide variety of car models – all available with a few simple taps – we also provide the assurance of quality that comes from the house of Mahindra Finance, the financial services arm of the Mahindra group.
Car subscription effectively redresses all the problems with the traditional ownership model. Is it, then, the future of owning cars? We certainly think so.
